Last 30 Minute Selloff Wipes Out Most Of Sensex, Nifty Weekly Gains

Indian equity benchmarks wiped out most of their weekly gains with just today’s last 30-minute selloff.

The S&P BSE Sensex Index, today, ended 1.15 percent lower at 36,546.48 and the NSE Nifty 50 Index ended below 10,950, down 1.14 percent. The declines were mostly led by the 17.58 percent slump in Tata Motors.

The market breadth was tilted in favour of sellers. About 1,153 stocks declined and 593 shares declined on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE declined, led by the NSE Nifty Auto Index’s 3.6 percent fall. On the flipside, the NSE Nifty Realty Index was the only sectoral gainer, up 0.76 percent.

Timken India

• Stock rose as much as 3.9 percent to Rs 585.05
• Trading volume was more than seven times its 20-day average.

Varroc Engineering

• Stock fell as much as 3.2 percent.
• Trading volume was more than double its 20-day average.

Excel Crop Care

• Stock fell as much as 9.7 percent to Rs 2,950.
• Trading volume was more than 10 times its 20-day average.

Gujarat Fluorochemicals

• Stock rose as much as 2.2 percent to Rs 895.
• Trading volume was more than triple its 20-day average.

Reliance Group stocks extended gains after the Anil Ambani group accused L&T Finance and Edelweiss Group of invoking and subsequently selling pledged shares.

Dilip Buildcon (Q3, YoY)

• Stock rose as much as 6.8 percent to Rs 343.50 crore.
• Revenue up 53.2 percent to Rs 2487.2 crore.
• Net profit up 2.5 times to Rs 206.9 crore.
• Ebitda up 56.6 percent to Rs 440.8 crore.
• Margin to 17.7 percent versus 17.3 percent.

Abbott India (Q3, YoY)

• Stock rose as much as 2.5 percent to Rs 8,325.
• Revenue up 7.5 percent to Rs 947.7 crore.
• Net profit up 15 percent to Rs 117.1 crore.
• Ebitda down 10.3 percent to Rs 146.5 crore.
• Margin to 15.5 percent versus 18.5 percent.
• Decrease in Inventory of Rs 141.1 crore in the base quarter.

Engineers India (Q3, YoY)

• Stock rose as much as 1.4 percent to Rs 115.25.
• Revenue up 21.9 percent to Rs 577 crore.
• Net profit down 16.2 percent to Rs 90.8 crore.
• Ebitda down 29.6 percent to Rs 94.9 crore.
• Margin to 16.5 percent versus 28.5 percent.
• Technical Assistance expenses up 85 percent to Rs 101.8 crore.
• Construction materials and equipment cost up 5.2 times to Rs 128.2 crore.

UCO Bank (Q3, YoY)

• Stock fell as much as 6.6 percent to Rs 16.90.
• Net Interest Income up 0.8 percent to Rs 826.6 crore.
• Net Loss of Rs 998.7 crore versus net loss of Rs 1,016.4 crore.
• Provisions at Rs 2243.9 crore versus Rs 1682.4 crore (Rs 1410.9 crore QoQ).
• GNPA at 27.39 percent versus 25.37 percent (QoQ).
• NNPA at 12.48 percent versus 11.97 percent (QoQ).

Alkem Lab (Q3, YoY)

• Stock rose as much as 1.5 percent to Rs 1,915.
• Revenue up 10.6 percent to Rs 1925 crore.
• Net profit up 18 percent at Rs 202.5 crore.
• Ebitda down 13.5 percent to Rs 311.8 crore.
• Margin at 16.2 percent versus 20.7 percent.
• Other Income of Rs 24 crore in the base quarter.
• Inventory write off of Rs 165.9 crore In the base quarter.

Greenply Industries (Q3, YoY)

• Stock fluctuated between gains and losses to trade 0.6 percent lower at Rs 130.25.
• Revenue up 15.9 percent to Rs 462.9 crore.
• Net profit down 1.1 percent to Rs 35.7 crore.
• Ebitda down 7 percent to Rs 58.3 crore.
• Margin at 12.6 percent versus 15.7 percent.
• Inventory write-off of Rs 20.6 crore in the current quarter.

Mahindra & Mahindra Ltd. reported a 7 percent increase in its quarterly profit on a yearly basis to Rs 1,396 crore during October-December period. That compares with Rs 988 crore that analysts tracked by Bloomberg had projected. The financials include numbers of its commercial vehicle unit—Mahindra Vehicle Manufacturers Ltd.

Key Earnings Highlights (Q3, YoY)

• Revenue up 12 percent to Rs 1,2892 crore.
• Net profit up 7 percent to Rs 1,396 crore.
• Ebitda up 0.7 percent to Rs 1,702 crore.
• Margin at 13.2 percent versus 14.7 percent.

Shares of the automaker fell as much as 2.9 percent to Rs 680.65.

Shares of REC fell as much as 4.3 percent, the most since Dec. 10, to Rs 119.70.

The company's profit during October-December period rose 16.2 percent year-on-year to Rs 1,275 crore, according to its stock exchange filing. Its revenue rose 12.8 percent on a yearly basis to Rs 2,542.3 crore.

Trading volume was 4.2 times its 30-day average, Bloomberg data showed. The stock traded at 42 times its estimated earnings per share for the coming year.

Shares of REC fell as much as 4.3 percent, the most since Dec. 10, to Rs 119.70.

The company's profit during October-December period rose 16.2 percent year-on-year to Rs 1,275 crore, according to its stock exchange filing. Its revenue rose 12.8 percent on a yearly basis to Rs 2,542.3 crore.

• Indian equity benchmarks traded at day's low.
• The S&P BSE Sensex Index fell over 350 points and the NSE Nifty 50 Index traded near 10,950.
• Ten out of 11 sectoral gauges compiled by NSE fell, led by the NSE Nifty Auto Index's 3.3 percent decline. On the flipside, the NSE Nifty Realty Index was the top sectoral loser, up 0.64 percent.

Shares of VIP Industries fell as much as 6.6 percent, the most since April 2017, to Rs 480.

The company’s quarterly profit in the three months ended December fell 11.5 percent on a yearly basis to Rs 23.8 crore, according to its stock exchange filing.

Key Earnings Highlights (Q3, YoY)

• Revenue up 27.2 percent to Rs 430.1 crore.
• Ebitda down 8.3 percent at Rs 37.8 crore.
• Margin at 8.8 percent versus 12.2 percent.
• Inventory write off Rs 73 crore in the current quarter.

Passenger vehicle sales fell 1.9 percent on a yearly basis to 2.8 lakh units in January, Society of Indian Automobile Manufacturers’ data showed.

The inflows into equity mutual funds in January fell 6.8 percent on a monthly basis to Rs 6,158 crore, the lowest level in two years, according to Association of Mutual Funds in India.

Shares of Mahindra & Mahindra Ltd. fell as much as 2.5 percent to Rs 683.75, ahead of its results announcement.

Here’s what analysts tracked by Bloomberg expects the company along with its commercial vehicle unit—Mahindra Vehicle Manufacturers Ltd. to report on a yearly basis in December quarter.

• Revenue seen 14 percent higher at Rs 13,108 crore.
• Ebitda seen 7 percent higher at Rs 1,811 crore.
• Profit seen 3 percent lower at Rs 988 crore.
• Margin seen at 13.8 percent versus 14.7 percent.

Nifty’s 11,000 put option contract was among the most active Nifty option contracts on National Stock Exchange.

Premium on the contract jumped 21.48 percent to Rs 129.80. Over 45,000 shares were added to the open interest which stood at over 37.05 lakh shares.

Shares of MRF extended declines for the third day and fell as much as 4 percent to Rs 57,000, its lowest levels since March 20, 2017.

Trading volume was 6.1 times its 30-day average, Bloomberg data showed. The Relative Strength Index was at 17, indicating that the stock may be oversold.

Shares of Tech Mahindra resumed rally after a one-day blip. The stock rose as much as 1.6 percent to hit a new all-time high at Rs 818.

The stock has gained 34 percent in the past twelve months. It rose 9.2 percent in the past five days and advanced 18 percent in the past 30 days.

• Indian equity benchmarks traded at day's low.
• The S&P BSE Sensex Index fell nearly 250 points to 36,730.24 and the NSE Nifty 50 Index fell below 11,000.
• About 1,020 stocks declined and 602 shares advanced on National Stock Exchange

Shares of Raymond rose as much as 7.2 percent to Rs 701, after falling 11.7 percent yesterday.

On Thursday, BloombergQuint reported about the curious transactions between public listed textile and branded apparel company Raymond Ltd. and an entity owned by its promoter Gautam Singhania.

The company clarified on the exchanges that the related party transactions are undertaken in compliance with laws and on an arm’s length basis, which has been certified by independent reputed accounting firms.

Trading volume was 14.7 times its 30-day average, Bloomberg data showed. The stock traded at 18.9 times its estimated earnings per share compared to a 29.4 times for the two-year historical average.

Shares of the cash-strapped airline fell as much as 2.4 percent to Rs 231 apiece, its lowest level since Nov. 2.

The airline said that four aircrafts have been grounded due to non-payment of amounts outstanding to lessors under lease agreements, according to its statement on the exchanges. Three aircraft which were grounded earlier for engine normalisation are back in commercial operations, the statement added.

The stock declined 68 percent in the past 12 months compared to an 8.5 percent advance in the Sensex.

Shares of the Jaguar Land Rover parent fell as much as 29.5 percent, its biggest ever intraday decline, to Rs 129 on National Stock Exchange.

Net loss stood at Rs 26,993 crore in the December-ended quarter compared with a profit of Rs 1,077 crore a year ago, according to its stock exchange filing. The loss was due to a non-cash write off worth Rs 27,838 crore for JLR, attributed to slowing sales in China, technology disruptions and rising cost of debt. (More details here)

Key Earnings Highlights (Q3, YoY)

• Revenue rose 5 percent to Rs 77,000 crore.
• Operating profit fell 20 percent to Rs 6,381 crore.
• Margin narrowed 260 basis points to 8.3 percent.

Here’s what analysts had to say about Tata Motors after the Q3 results announcement:

CLSA

• Maintained ‘Sell’ with a price target of Rs 150.
• Another big miss at JLR, a large asset impairment and weak commentary.
• JLR: a weak demand outlook, a margin guidance cut and Brexit fears.
• Cut FY19-21 EPS estimates by 2-66 percent on lower volumes/margins & lower depreciation for JLR .

Emkay

• Downgraded to ‘Hold’ from ‘Buy’; cut price target to Rs 192 from Rs 256.
• JLR faces headwinds such as China slowdown and Brexit uncertainties.
• Cut EPS estimates for the current and the next two financial years by 46 percent, 19 percent and 19 percent respectively due to lower volume/margin in JLR’s China operations.
• Despite cost-reduction efforts, free cash flows are expected to remain negative over FY19-21.

UBS

• Maintained ‘Neutral’ with a price target of Rs 200.
• December quarter review– China reset weighs on JLR margin; India profitability holds up.
• Impairment supports future EPS but not cash flow.
• Volume growth to remain elusive; company cuts margin guidance.

Nomura

• Downgraded to ‘Neutral’ from ‘Buy’; cut price target to Rs 187 from Rs 260.
• Margins impacted due to de-stocking and higher warranty costs.
• Destocking costs may continue in March quarter as well.
• Don’t expect China joint venture to turn profitable over the next two financial years, given much tougher conditions.

Indian equity benchmarks opened lower after ending a little changed yesterday. The S&P BSE Sensex Index fell as much as 0.55 percent to 36,767.26 and the NSE Nifty 50 Index fell as much as 0.57 percent to 11,006.75. The broader market index, The NSE Nifty 500 Index, declined 0.4 percent.

The market breadth was tilted in favour of sellers. About 872 stocks declined and 555 shares declined on National Stock Exchange. All the 11 sectoral gauges compiled by NSE fell, led by the NSE Nifty Auto Index’s 1.9 percent decline.

The Indian rupee extended gains for the third day against the U.S. dollar. The home currency appreciated as much as 0.37 percent to 71.30 against the greenback.

F&O Cues

• Nifty February futures closed trading at 11094, premium of 24 points.
• Max open interest for February series at 11,000 Call, (open interest at 30.6 lakh shares)
• Max open interest for February series at 11,000 Put, (open interest at 36.6 lakh shares)

Stocks In Ban

In Ban

• IDBI
• DHFL
• Jet Airways
• Reliance Capital
• Reliance Infrastructure

New in Ban

• Reliance Power

Put-Call Ratio

• Nifty PCR at 1.78 versus 1.82.
• Nifty Bank PCR at 1.12 versus 1.1.

On Tata Motors

CLSA

• Maintained ‘Sell’ with a price target of Rs 150.
• Another big miss at JLR, a large asset impairment and weak commentary.
• JLR: a weak demand outlook, a margin guidance cut and Brexit fears.
• Cut FY19-21 EPS estimates by 2-66 percent on lower volumes/margins & lower depreciation for JLR .

Emkay

• Downgraded to ‘Hold’ from ‘Buy’; cut price target to Rs 192 from Rs 256.
• JLR faces headwinds such as China slowdown and Brexit uncertainties.
• Cut EPS estimates for the current and the next two financial years by 46 percent, 19 percent and 19 percent respectively due to lower volume/margin in JLR’s China operations.
• Despite cost-reduction efforts, free cash flows are expected to remain negative over FY19-21.

UBS

• Maintained ‘Neutral’ with a price target of Rs 200.
• December quarter review– China reset weighs on JLR margin; India profitability holds up.
• Impairment supports future EPS but not cash flow.
• Volume growth to remain elusive; company cuts margin guidance.

Nomura

• Downgraded to ‘Neutral’ from ‘Buy’; cut price target to Rs 187 from Rs 260.
• Margins impacted due to de-stocking and higher warranty costs.
• Destocking costs may continue in March quarter as well.
• Don’t expect China joint venture to turn profitable over the next two financial years, given much tougher conditions.

On RBI Monetary Policy

Nomura

• RBI surprises with a 25 basis point rate cut; Neutral stance provides further policy flexibility.
• RBI continues to sound optimistic, in contrast to our assessment of weak global growth.
• Governor’s statement that “there is room to act” clearly suggests this is not a one and done cut.

Antique

• Having front-loaded the rate cut, RBI is most likely to pause in next meeting.
• Next rate cut is likely to be preceded by a change in stance to "accommodative".

On Grasim Industries

CLSA

• Maintained ‘Sell’ with a price target of Rs 700.
• Broadly in-line results despite cost pressures in VSF.
• Grasim’s participation in Vodafone Idea rights issue will be limited to its shareholding.
• Current capacity overhang of 31 percent is expected to narrow with demand remaining strong.

Morgan Stanley

• Maintained ‘Equal-weight’ with a price target of Rs 958.
• Domestic VSF business remains on firm footing with strong demand growth and stable realisation.
• Focus remains on share of value-added product in both businesses and capacity expansion.
• Balance sheet is healthy with net cash of Rs 1,000 crore.

On Cadila Healthcare

CLSA

• Maintained ‘Buy’; cut price target to Rs 400 from Rs 430.
• December quarter results were ahead of estimates.
• Well-identified long-term drivers, execution is the key.
• Cut FY19-21 EPS estimates by 1-8 percent to incorporate Heinz acquisition.

HSBC

• Maintained ‘Buy’; cut price target to Rs 400 from Rs 420.
• Cadila reported highest-ever quarterly U.S. sales with large contribution from gAndroGel.
• Despite high sales base, believe the U.S. outlook remains steady on new launches.
• Expect good execution in U.S., long-term pick-up in India and emerging markets.

More Calls

UBS on Arvind

• Maintained ‘Buy’; cut price target to Rs 120 from Rs 130.
• Unexpected decline in textile; advance material going strong.
• Delays in garmenting facilities are priced in.
• New initiatives are exciting but not sizeable yet.

UBS on Britannia

• Maintained ‘Buy’ with a price target of Rs 3,800.
• Good volume growth on a strong base.
• Potential beneficiary of rural upturn.
• Stock continues to have good revenue and earnings growth visibility.

• Shanti-Gears record date for share buyback.
• CESC Ventures price band revised to 20 percent.
• Spencer’s Retail, Reliance Home Finance price band revised to 10 percent.

• Chalet Hotels: DB International Asia sold 19.3 lakh shares at Rs 293.54 each.
• Solara Active Pharma Sciences: BNP Paribas Arbitrage acquired 1.96 lakh shares or 0.8 percent equity at Rs 374.98 each.

Ujjivan Financial Services

• Ardisia Limited acquired 33.65 lakh shares or 2.78 percent equity at Rs 290 each.
• Sequoia Capital India Investments sold 38.38 lakh shares or 3.17 percent equity at Rs 290 each.

L&T Finance sells Reliance Group stocks

• Sold 2 crore shares or 0.7 percent equity in Reliance Communications at Rs 5.14 per share.
• Sold 49 lakh shares or 1.9 percent equity in Reliance Infra at Rs 120.98 per share.
• Sold 77.9 lakh shares or 3.1 percent equity in Reliance Capital at Rs 123.89 each.
• Sold 6.25 crore shares or 2.2 percent equity in Reliance Power at Rs 10.85 each.

Nifty Earnings To Watch

• Bharat Petroleum Corporation
• Mahindra & Mahindra
• Tata Steel

Other Earnings To Watch

• Abbott
• AIA Engineering
• Amber Enterprises
• Avanti Feeds
• Balkrishna Industries
• Camlin Fine Sciences
• Dr. Lal Path Labs
• Emmbi Industries
• Engineers India
• Excel Crop Care
• Fine Organic Industries
• Garden Reach Shipbuilders & Engineers
• General Insurance Corporation of India
• GOCL Corporation
• Greenply Industries
• Gujarat Gas
• Gujarat State Petronet
• Hercules Hoists
• Himachal Futuristic Communications
• Indo Count Industries
• Ingersoll Rand
• JB Chemicals & Pharmaceuticals
• JK Lakshmi Cement
• KIOCL
• KRBL
• Madras Fertilizers
• Max Ventures and Industries
• Mishra Dhatu Nigam
• NACL Industries
• Nagarjuna Fertilizers and Chemicals
• Nandan Denim
• National Aluminium Company
• NHPC Nirlon
• Orient Cement Precot Meridian
• Puravankara
• REC
• Salzer
• Electronics
• SJVN
• SKF India
• SML Isuzu
• Sonata Software
• Sun TV Network
• Sundaram Multi Pap
• TCNS Clothing
• Themis Medicare
• Thermax
• TV Today Network
• V.S.T Tillers Tractors
• VA Tech Wabag
• Varroc Engineering
• Visaka Industries
• West Coast Paper Mills
• Swelect Energy Systems
• Zuari Agro Chemicals
• Zuari Global
• Sudarshan Chemical Industries
• Nitin Spinners
• HIL
• FDC
• DFM Foods.

Earnings Reaction To Watch

Tata Motors (Q3, YoY)

• Revenue up 5 percent at Rs 77,000 crore.
• Net loss of Rs 26,993 crore versus net profit of Rs 1,199 crore.
• Ebitda down 22 percent at Rs 6,039 crore.
• Margin at 7.8 percent versus 10.6 percent.

Britannia (Q3, YoY)

• Revenue up 10.7 percent at Rs 2,842.4 crore.
• Net profit up 14.1 percent at Rs 300.7 crore.
• Ebitda up 13.4 percent at Rs 451.8 crore.
• Margin at 15.9 percent versus 15.5 percent.

Apex Frozen Foods (YoY)

• Net profit down 40 percent to Rs 11.4 crore
• Revenue down 18 percent to Rs 216 crore
• Ebitda down 40 percent to Rs 18 crore
• Margin at 8.3 percent versus 11.4 percent

SAIL (Q3, YoY)

• Revenue up 3.3 percent at Rs 15,835.8 crore.
• Net profit at Rs 616.3 crore versus Rs 43.2 crore.
• Ebitda up 79 percent at Rs 2578.2 crore.
• Margin at 16.3 percent versus 9.4 percent.
• Inventory write-off of Rs 2,127.3 crore.

Sandur Manganese & Ores (Q3, YoY)

• Revenue up 28 percent at Rs 194.9 crore.
• Net profit up 76.6 percent at Rs 36.2 crore.
• Ebitda up 68.8 percent at Rs 55.7 crore.
• Margin at 28.6 percent versus 21.7 percent.

Coffee Day Enterprises (Q3, YoY)

• Revenue up 3.2 percent at Rs 996.5 crore.
• Net profit up 3.3 times at Rs 63.5 crore.
• Ebitda down 6.6 percent at Rs 148.6 crore.
• Margin at 14.9 percent versus 16.5 percent.
• Exceptional gain of Rs 73 crore.
• Other income of Rs 33 crore.

Aurobindo Pharma (Q3, YoY)

• Revenue up 21.5 percent at Rs 5,269.7 crore.
• Net profit up 19.7 percent at Rs 712.2 crore.
• Ebitda up 1.7 percent at Rs 1,035.9 crore.
• Margin at 19.7 percent versus 23.5 percent.
• Forex gain of Rs 50.5 crore.

Timken (Q3, YoY)

• Revenue up 38.2 percent at Rs 384.9 crore.
• Net profit up 2.9x at Rs 26.4 crore.
• Ebitda up 2.7 times at Rs 55.6 crore.
• Margin at 14.5 percent versus 7.4 percent.

Healthcare Global Enterprises (Q3, YoY)

• Revenue up 20.3 percent at Rs 248.2 crore.
• Net loss of Rs 6 crore versus net profit of Rs 1.2 crore.
• Ebitda up 8 percent at Rs 28.2 crore.
• Margin at 11.4 percent versus 12.7 percent.
• Other income of Rs 5.9 crore.

Sterling Tools (Q3, YoY)

• Revenue up 13.3 percent at Rs 123.3 crore.
• Net profit down 34.1 percent at Rs 8.3 crore.
• Ebitda down 24.9 percent at Rs 17.8 crore.
• Margin at 14.4 percent versus 21.8 percent.
• Expenses up 22 percent at Rs 110.9 crore.

Shipping Corporation of India (Q3, YoY)

• Revenue up 22.2 percent at Rs 1,074.9 crore.
• Net profit up 2.2 times at Rs 180.5 crore.
• Ebitda up 43.4 percent at Rs 271.5 crore.
• Margin at 25.3 percent versus 21.5 percent.
• Other income up 48 percent at Rs 162.4 crore.

Borosil Glassworks (Q3, YoY)

• Revenue up 44.2 percent at Rs 113.6 crore.
• Net profit up 14.8 percent at Rs 14.7 crore.
• Ebitda down 7.9 percent at Rs 11.6 crore.
• Margin at 10.2 percent versus 16 percent.
• Other income up 64 percent at Rs 14.3 crore.

Endurance Technologies (Q3, YoY)

• Revenue up 17.8 percent at Rs 1,812.9 crore.
• Net profit up 23.5 percent at Rs 96.6 crore.
• Ebitda up 11.4 percent at Rs 252.8 crore.
• Margin at 13.9 percent versus 14.8 percent.
• Other Income of Rs 9.3 crore
• Raw material costs up 21 percent at Rs 1,068.9 crore.

Khadim (Q3, YoY)

• Revenue down 13.8 percent at Rs 176.4 crore.
• Net profit down 55.1 percent at Rs 4 crore.
• Ebitda down 39.2 percent at Rs 12.1 crore.
• Margin at 6.9 percent versus 9.7 percent.

Phoenix Mills (Q3, YoY)

• Revenue up 5.7 percent at Rs 440.4 crore.
• Net profit up 8.6 percent at Rs 70.8 crore.
• Ebitda up 7.6 percent at Rs 222.5 crore.
• Margin at 50.5 percent versus 49.6 percent.

• Raymond clarified that the related party transactions are undertaken in compliance with laws and on an arm’s length basis, which has been certified by independent reputed accounting firms.
• Tata Motors JLR’s January sales were down 10.9 percent at 43,733 units. The company said market weakness in China had affected the sales.
• The Reserve Bank of India levied a penalty of Rs 1 crore on the State Bank of India for non-monitoring of the end use of funds in respect of one of its borrowers.
• Varun Beverages approved intent to enter into a binding agreement to acquires franchise rights from SMV Group in Karnataka, Maharashtra and Madhya Pradesh. These rights were previously franchised by PepsiCo to SMV Group.
• Aurobindo Pharma said it was investing Rs 15 crore for a 19.9 percent stake in pharma company ‘Synergies Remedy’. This target company manufactures API and intermediates and the acquisition will be completed by end of February.
• Coffee Day Enterprises approved to sell equity shares held by the company in its arm and promoter in ‘Mindtree’. The company said in its disclosure of the actual sale will be reported to the exchanges as and when it is announced.
• Ceat said that it commissioned the commercial production of Truck Bus Radial Tyres at the expansion phase of Halol plant in Tamil Nadu with effect from Feb. 7.
• Sun Pharma Advanced Research received a demand order (inclusive of penalty) worth Rs 46.04 crore for payment of Service Tax, from Commissioner of GST and Central Excise (Mumbai).
• Shriram EPC received three orders worth Rs 291.6 crore from Jharkhand Government for construction in the water management sector.
• HCG said it will increase its stake from 50.1 percent to 100 percent in its arm BACC Healthcare. This arm operates fertility treatment centers.
• Goa Carbon’s January production for Calcined Petroleum Coke at 17,750.3 MT.
• Jet Airways said that four aircraft have been grounded due to non-payment of amounts outstanding to lessors under lease agreements, while three aircrafts which were grounded earlier for engine normalisation are back in commercial operations.
• Pricol said that its new plant in Tamil Nadu will not commence its operations due to change in business strategy of the company in line with customer expectations.
• Fortis Healthcare appointed Dr. Ashutosh Raghuvanshi as the CEO of the company with effect from March 18.

• 10:30 a.m.: Car sales data for month of January.

• Brent crude resumed declines after a one-day rally, ended 1.7 percent lower at $61.63 per barrel.
• Gold gained less than 0.1 percent to $1,310.25 an ounce.
• West Texas Intermediate crude slid 0.2 percent to $52.53 a barrel, extending this week’s drop.

London Metal Exchange

• Aluminium ended lower for the second day, down 0.68 percent.
• Tin halted a two-day rally, ended 0.24 percent lower.
• Zinc halted a two-day decline, ended 1 percent higher.
• Copper halted a three-day rally, ended 0.53 percent lower.
• Nickel halted a two-day decline, ended 0.46 percent higher.
• Lead ended lower for the third day, down 0.48 percent.

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 0.09 percent to 11,084.50 as of 8:40 a.m.

Asian stocks tumbled Friday on worries that the U.S. and China won’t reach a trade deal before another round of tariff hikes are set to kick in.

Japanese shares led declines in Asia, and Hong Kong stocks slumped as they reopened after a three-day holiday. Australian equities came off their lows as the Aussie tumbled toward its worst week since 2016, bolstering the country’s export competitiveness.

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